With a little planning ahead of time, buying a home isn't too complex, but the event can be stressful for many people.
I like to provide buyers with an outline of the entire deal so they know exactly what they can expect.
These are my nine steps to buying a home.
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Should you have any questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at lbianchi@realtracs.com.
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Step 1 – Prepare to buy a home
There are a lot of things you need to take into account prior to commencing your home search.
When you start your search, you'll probably want to put together a check list of features you need, get a plan of what school districts and neighborhoods you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is around 1/3 of your net monthly income is a good rule to go by.
Step 2 – Communicate with a real estate agent
That's where I can help.
I'd love to schedule a time to meet with you and communicate with you regarding your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Brentwood area.
I can also assist you with getting started on your loan.
I partner with some of the finest mortgage professionals in Brentwood, so you'll be in great hands.
They can assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin your home search
After our initial meeting, I'll begin looking for homes on the market that meet your needs.
I'll research most of the homes and exclude the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.
As we tour houses, I'll identify good features, as well as bad ones. I'll also ask you to point out what things you like and don't like.
Usually, buyers change their must-have list as we view homes and some items become more substantial than others.
If such is the case, I'll search the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
Your agent's awareness of the Brentwood home market is a fundamental element in your house search. And I assure you I'm familiar with all the schools and neighborhoods, and I can let you know what neighborhoods are "hot" and call for prompt action and the ones that are "cold" and allow for careful examination.
When we tour homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask plenty of questions, as any REALTOR® in Brentwood will tell you they understand the market.
If it doesn't seem like they know everything, call me at 615-456-4432 or e-mail me at lbianchi@realtracs.com, and I'd be happy to answer your questions. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm sure we'll find the home of your dreams in the Brentwood area. When we do, I'll thoroughly create your purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are getting financing, finishing the inspection, and a clean title.
Upon turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property, and it's often applied to the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the initial offer. It's very common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Obtain your loan
Upon completion of the deal, you'll start working with your lender to close the loan.
If you've been pre-approved, this shouldn't take very long at all, but you'll need to stay in close contact with your mortgage lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) detailing your closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your loan application.
The estimate is formed from the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a tight range of accuracy, and I'll study the estimate and let you know if everything looks all right.
Then we'll close on your home. This will likely occur at a title company or escrow office and will likely be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, simply contact me at 615-456-4432 or send me an e-mail.
